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Shock absorbers lose oil because the seal (that rubber cylinder inside) wears down over time and use, it's not like it suddenly stops working. The real risk here is more gradual than catastrophic - it's not like a brake that fails overnight.
The thing is, while they're leaking, the shock absorber is still doing some work, but yeah, it's compromised. What the guys above said about stability is correct, but the truth is it really depends on how much oil they're losing and for how long. If it's a slow drip and only on one side, you can drive carefully for a while (avoid aggressive turns, high speeds on bad roads). Now if it's both sides or if it's leaking quite a bit, then I'd have to agree that it needs fixing urgently.
The warning about oil on the road is valid too, but it's less critical than it sounds - it's not like spilled water. What I'd look at first is: how does the car drive? Is the rear bouncing a lot? Does the front dive under braking? If so, don't put it off. If the car drives more or less normally, you can schedule an inspection without rushing, but don't leave this for months. And check your tires while you're at it, because worn shock absorbers wear tires unevenly.
You need to replace the shocks as soon as possible, because when they start leaking oil the seal is compromised and they lose their ability to absorb impacts correctly. This affects your car's stability, especially when cornering and braking, and the risk of an accident increases quite a bit. Continuing to drive is actually dangerous, and the longer you wait the worse it gets - besides, the oil can damage other parts. Go to a mechanic urgently, it's not something you should put off.
Leaking oil is a sign that it's actually leaking, so yeah, it's dangerous - besides losing shock absorption efficiency, the oil that drips onto the road can make the surface slippery for other drivers too. And watch out: the longer you put it off, the more expensive it gets, because a damaged shock absorber can damage other suspension parts.
Don't drive in a hurry or on winding roads while it's like that, because the shock absorber that's leaking oil is visibly much softer and the suspension becomes unstable. The car's going to bounce more, especially when it hits potholes or speed bumps, and that increases your risk of losing control in emergency situations.
Now, if you're short on cash, there's a trick some less-known repair shops do: they inject a special sealant (like those products for sealing small leaks) inside the shock cylinder, which can extend its life a few weeks or months without costing a fortune. It's not a permanent fix, obviously, but it works if you need more time to save up for a replacement.
The thing is, the longer the oil keeps leaking, the worse it gets: the cylinder corrodes from the inside, the seal deteriorates even more, and in the end it ends up being more expensive because it damages other suspension parts. Then it actually becomes dangerous, it's not just instability - the tire wears down stupidly fast because it's vibrating too much, and you're way more exposed in emergency braking. It's time to seriously think about replacing it.
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